Former NY insurance regulator joins Lemonade
Scott Fischer has joined the 7-year-old, AI-powered insurer as head of government relations and co-general counsel.
In the latest example of an insurtech incorporating legacy insurance expertise, Lemonade has hired New York’s former top insurance regulator to help lead its legal team.
Scott Fischer has joined the 7-year-old, AI-powered insurance carrier as head of government relations and co-general counsel. He will share that title with General Counsel Bill Latza until he retires at the end of the year.
Fischer most recently served as a partner at DLA Piper. But from April 2016 to July 2018, he served as executive deputy superintendent of the New York State Department of Financial Services.
In a blog post last week, Fischer acknowledged he once regulated New York-based Lemonade but now will sit on the other side of the table.
“Lemonade hasn’t followed an obvious path, nor have they relied solely on what’s been done before,” Fischer said in his post. “Without being too cliché here, the company is charting a new course — for itself, and for the insurance industry more broadly.”
Tech-based business model
The insurtech startup sells several types of insurance online including homeowners insurance, pet and auto. The company says it leverages AI and behavioral economics to boost efficiency and offer fair prices.
Lemonade has had a rough go of it as late, however, with its stock price plunging from $110 to $16 over the past 12 months. Part of the thrashing stems from investor unease over its plans to purchase Metromile, which sells auto insurance by the mile, for about $500 million.
In his blog post, Fischer said he’s ready for the challenges ahead.
“Lemonade simply feels like the right fit. I’ve said before that insurance might not be sexy, but it’s at least always interesting,” Fischer said. “And I’m excited to see how interesting it can get in this new role.”
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